The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Hawkmoon who wrote (113434)	3/29/2008 2:25:32 PM
From: Patricia Trinchero	Read Replies (2) of 306849

We thought about buying one of those "cheap homes" but the result would tie up our cash in property for an indefinite period of time with no guarantee that the home would stop falling in value. Buyers aren't that plentiful right now. We already have property that we can't sell right now unless we dump it at a fire sale price. We don't need more . If one gets cash strapped then your property is useless to you. We had some friends that bought a house at an auction and they bought it cheap. The bank found a phantom bidder who upped the bid one week after the close of the auction............our friends opted to back out of the deal and let the "phantom" purchase the home. Who knows what the truth is behind all these shenangins? I think there is some "creative foreclosing" occurring in our financial system.

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